This week’s roundup will feature titles on in-app purchasing, Apple credit cards, and anti-fraud AI. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- TikTok dominates in-app spending, accounting for 33.2% of the $500billion mobile app market, according to Data.ai [source: Marketing Brew]
The video app has taken the industry by storm with short-form content and the TikTok shop which has given room to small and medium sized businesses to sell online. TikTok has shown clear business aptitude with its simple payment process, allowing users to pay for goods with the card information they store in their phones for speed and convenience. Mobile commerce continues to grow with the rising confidence in influencer culture and the prevalence of app store purchasing. It’s unsurprising that the popularity of apps like TikTok are growing as brands can interact with customers in a personalised way, through communication, discounted products and engaging content. – Jovi
- Apple is reportedly in talks with regulators and Indian banking giant, HDFC Bank, to launch a credit card across the subcontinent. [source: FinTech Futures]
Among rumours that Apple and Goldman Sachs are looking to exit their collaboration, the next venture for Apple to enter India could bring a wealth of additional opportunity to Indians and merchants looking to expand into the subcontinent. Credit cards are widely accepted in India and digital payments continue to grow in the region, particularly with BNPL. As India has grown richer, the number of potential credit card users will also grow, which could be accelerated by the entry of Apple into the market. Whilst the plan is in early stages, it will be important to take heed of regulatory advice, and engage with consumers through a localised approach to ensure success. – Jovi
- Nine UK banks have tapped into Mastercard for its AI-powered Consumer Fraud Risk solution to help combat real-time payment scams. [source: CoinTelegraph]
Artificial intelligence powering fraud risk mitigation is something that is essential in our current climate of growing cybercriminal activity. The tool will be able to help with tracing activity that will support banks in identifying suspicious activity, giving them the ability to stop a payment in real-time before funds are taken or spent. Historically the limited infrastructure in incumbent institutions has meant that the success rate of scams is higher as banks have struggled to navigate detection processes. However, using Mastercard’s AI will give banks deeper insight into movement and transactional data, to provide better data to assess and make informed decisions. – Jovi
See you next week, back in the blog for your next weekly news roundup.
